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What is the difference among credit plans such as revolving charge 90 day and installment account and interest free credit plans?
Wiki User
∙ 10y ago
Your mom is the instalment of something that i have no idea what it is.
Wiki User
∙ 10y ago
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Nick has a revolving department store credit card account with?
A revolving department store credit card means that the interest accumulates monthly and the balance carries over. Most credit cards that are issued by a department store have this type of account.
What is the difference between credit card and revolving credit?
A credit card is a type of revolving credit, whereas a revolving credit account may or may not be a credit card. Revolving credit can also include other types of accounts, such as a revolving line of credit with a bank or a home equity line of credit.
Is a line of credit considered a revolving account?
Yes, if the account type is considered a line of credit it will be calculated into your revolving account balance on your credit report.
What makes your credit score drop?
Late payments, No-Payments, Over the credit limit (Maxed out credit cards), Not having a good mixture of credit (Revolving Account, Installment Loan, Home Loan, Etc), and past history.
Is interest computed differently on revolving credit vs non revolving credit?
Yes. Interest accrual methods will depend heavily on the specific loan type. Different revolving accounts may be calculated differently, as will different fixed loan types. Most commonly, a non-revolving loan may be "simple interest" where interest is calculated daily based on the principle loan balance, or may be "amortized" where a set amount of interest is charged each month based on calculations made when the loan was granted. Lenders may also use a slightly different calculations due to the days-in-year their system charges interest on (365/360 etc). A revolving credit account interest rate may be compounded (commonly used for credit cards) where you pay interest in the total account balance daily (so you effectively pay interest daily on interest you accrued the day before), simple interest (interest charged daily on the principal loan balance), or one of several other more obscure interest calculation methods. There are some loan types, both fixed and variable that require payments less than the amount required to satisfy interest due. These "negative amortization" loans charge interest on unpaid principal and interest while adding the unpaid interest to the loan balance. These loans became notorious as a major factor in the mortgage and housing market collapse that became widespread in 2007.
Do you have multiple penal interest on overdue account?
There is only single penal interest to be charged on an overdue account. We can have a separate penalty fee on overdue account when any installment becomes due.
What is a revolving account?
{| |- | A revolving account is an account that requires a minimum payment each month in addition to a service charge. When the balance decreases, the service charge/interest also declines. To learn more about credit terms you can visit bills.com |}
Nick has a revolving department store credit card account with?
A revolving department store credit card means that the interest accumulates monthly and the balance carries over. Most credit cards that are issued by a department store have this type of account.
What is the difference between credit card and revolving credit?
A credit card is a type of revolving credit, whereas a revolving credit account may or may not be a credit card. Revolving credit can also include other types of accounts, such as a revolving line of credit with a bank or a home equity line of credit.
What's one difference between a checking account and a savings account?
savings account earns interest.
Is a line of credit considered a revolving account?
Yes, if the account type is considered a line of credit it will be calculated into your revolving account balance on your credit report.
What makes your credit score drop?
Late payments, No-Payments, Over the credit limit (Maxed out credit cards), Not having a good mixture of credit (Revolving Account, Installment Loan, Home Loan, Etc), and past history.
Letter format for recurring deposit installment complete so transfer this money in saving account?
Letter format for recurring deposit installment to from saving account
What does it mean for your account type to read revolving on your credit report?
Credit cards are revolving accounts. Whereas car loans and home loans are not. A revolving account is one where you can carry a balance and charge it back up as you pay it off.
What is the account entry should do for a car company which is installment?
The account entry that you should do for a car company, if it's an installment payment, is a debit. This means that you have paid the bill and you deducting it from your bank balance.
Can we deposit monthly installment by transferring the amount from bank account to rd account?
we can do briton hhxjjkhjkhkjhfgjk
Is interest computed differently on revolving credit vs non revolving credit?
Yes. Interest accrual methods will depend heavily on the specific loan type. Different revolving accounts may be calculated differently, as will different fixed loan types. Most commonly, a non-revolving loan may be "simple interest" where interest is calculated daily based on the principle loan balance, or may be "amortized" where a set amount of interest is charged each month based on calculations made when the loan was granted. Lenders may also use a slightly different calculations due to the days-in-year their system charges interest on (365/360 etc). A revolving credit account interest rate may be compounded (commonly used for credit cards) where you pay interest in the total account balance daily (so you effectively pay interest daily on interest you accrued the day before), simple interest (interest charged daily on the principal loan balance), or one of several other more obscure interest calculation methods. There are some loan types, both fixed and variable that require payments less than the amount required to satisfy interest due. These "negative amortization" loans charge interest on unpaid principal and interest while adding the unpaid interest to the loan balance. These loans became notorious as a major factor in the mortgage and housing market collapse that became widespread in 2007.
